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Palm oil to retest support at 2,298 ringgit SINGAPORE: Palm oil may retest support at 2,298 ringgit per tonne, as it could have completed a rebound triggered by this level. The support is provided by the 100 percent Fibonacci projection level of a downward wave 3, which started at the July 7 high of 2,424 ringgit. This wave has a fierce character and may eventually extend to 2,220 ringgit, its 161.8 percent projection level. A break above 2,328 ringgit will indicate the continuation of the rebound towards 2,346 ringgit, the 61.8 percent projection level. The views expressed are his own. No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. Copyright Reuters, 2014 ...

Corn rises after sliding to contract low; soy ticks up SINGAPORE: US new-crop corn futures rose on Wednesday, taking a breather after sharp recent falls that pushed them to a contract low in the previous session, though expectations of near-record production in the United States kept a lid on prices. Soybeans rose as Chinese buying underpinned the market while wheat rose on bargain buying. Chicago Board Of Trade December corn gained 0.7 percent to $3.84-1/4 a bushel by 0246 GMT, having slid 1.7 percent in ...
Vietnam rice prices hit nearly 7 month high HANOI: Prices for Vietnamese low-quality 25-percent broken rice rose around 5 percent this week to $385-$390 a tonne, the highest in nearly seven months, due to limited supply and regional buying, traders said on Wednesday. "China has resumed buying across the land border in the past week, while exporters also need to buy grain in domestic markets for loading to the Philippines and Malaysia," said a Vietnamese trader in Ho Chi Minh City. Prices of ...
Spot gold to rebound to $1,305 SINGAPORE: Spot gold may rebound moderately to $1,305 per ounce, due to the completion of a five-wave cycle.The cycle could be well divided into five small waves. More convincingly, the final wave, the wave 5, seems to have bottomed around a key support at $1,293, the 50 percent Fibonacci retracement on the rise from the June 3 low of $1,240.61 to the July 10 high of $1,345.This cycle marks the beginning of a medium-term downtrend, ...
LME copper still targets $7,025 SINGAPORE: A bearish target at $7,025 per tonne remains unchanged for LME copper as it may have peaked around a resistance at $7,191. The resistance is provided by the 76.4 percent Fibonacci retracement on the fall from the Jan. 2 high of $7,460 to the March 19 low of $6,321. Copper has been hovering below this barrier so long that the congestion range of $7,080-$7,191 looks more like a top than a continuation pattern. The ...
LME aluminium to gain more to $1,999 SINGAPORE: LME aluminium is expected to rise to $1,999 per tonne, as it has broken above a resistance at $1,961. The resistance was provided by the 76.4 percent Fibonacci projection level of an upward wave c that developed from the June 12 low of $1,836. The next resistance will be at 1,999, the 100 percent projection level. A sudden drop to $1,957 will signal a false break above $1,961, and a bearish target at $1,937, ...
China's June daily steel output at new high BEIJING: China's daily crude steel output rose 1.8 percent in June to hit a record 2.31 million tonnes, defying any seasonal downturn in demand, data from the statistics bureau showed on Wednesday. Total output over the month reached 69.3 million tonnes, up 4.5 percent from the same month last year but dipping 1.6 percent from May's record high. On an annualised basis, output amounted to 828.6 million tonnes, according to Reuters calculations, which would represent ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
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WeeklyJuly 10, 2014
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